Dear Valued Shareholders,
I am delighted to present Solex's significant achievement for the fiscal year 2024. we
have delivered commendable financial results and continued to create superior value for
all stakeholders. Also, we at Solex have complete faith that we will achieve greater
heights on the progress we have made in fiscal 2024.
A Land of Opportunities
One of the fastest growing economics in the world, India, is fast progressing on its
‘Viksit Bharat 2047' roadmap. This will be led by significant growth in the
manufacturing and overall consumption.
India's energy consumption set to rise due to increase in manufacturing, data center,
domestic consumption etc. In the midst of this, we are experiencing transition in energy
mix i.e. from fossil fuel to sustainable renewal energy.
India stands no. 4 globally in terms of Renewable Energy installed capacity, 5th in
terms of installed Solar power capacity as per International Renewable Energy Agency
(IRENA) 2023 global ranking. With its 500 GW non-fossil fuel installed capacity target for
2030 & Net Zero target for 2070, India has embarked on one of the most extensive
renewable energy expansions in the world.
Significant milestones have already been achieved. In FY24, 70% of the 26GW capacity
addition came from renewal sources, including 15GW solar capacity addition.
Transforming to grow
Your company is well poised to capture the available growth opportunity. From our
initial state-of-the-art facility in Tadkeshwar of 1.5GW*, we are on track to reach 4.5GW
capacity. This expansion is designed to meet the rising global demand for high-efficiency
solar modules. Our new facility is equipped with advanced automation and quality control
technologies, ensuring that we continue to deliver top-tier products. We are making
substantial investment, backed by sustainable and profitable growth. We are also investing
in artificial intelligence in our manufacturing for better quality controls and in
business processes for highest productivity.
* Orders are placed for 0.90 GW and will be operational in due course.
We have also strengthened our presence in key international markets, including Europe,
North America, and Africa. Our strategic partnerships and alliances have been crucial in
expanding our global footprint. These collaborations have enabled us to leverage local
expertise and infrastructure, ensuring we can meet the demands of our customers worldwide
with reliable and timely solutions.
Our involvement extends beyond manufacturing; we are actively engaged in Turn Key
Projects across various segments, including Residential Rooftop, Commercial, Industrial,
and Utility (Ground Mount) projects. We are also proud to announce the development of
several Solar parks in Gujarat, further solidifying our presence in the renewable energy
landscape. We at Solex are marching towards achieving 100% of our electricity consumption
from solar power.
Financial performance
Our financial performance this year has been robust. We achieved a revenue of Rs.36,592
lakhs marking an 126% increase over the previous fiscal year. Our net profit after tax
reached 873.48 Lakh, reflecting a 222% year-on-year growth. These results underscore our
commitment to operational excellence and strategic market positioning. The strong
financial outcomes have enabled us to reinvest in our business, fuel innovation, and
deliver substantial value to our shareholders.
Creating a Future-Fit Workplace
Our people are our biggest asset, and we believe that investing in our people is an
investment for the future. We continue to foster a culture that empowers our people to
grow - both professionally and personally, alongside the business. In our journey towards
building a future-ready workforce, we are making constant investment towards empowerment
of our workforce.
With Sincere Regards,
Chetan Sureshchandra Shah
Chairman & Managing Director